Cash Zone (issue 2)

Cash Zone (issue 2)

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

0.8%

notice for withdrawals

Some of our accounts require you to give notice before you can withdraw money from your account. Further details on the withdrawal restrictions that apply to the account can be found in the section titled - 'Can I withdraw money?' - in the Summary box.

no notice

age restriction

Minimum or maximum age you must be to open this account.

under 16 years

Your savings account

Designed to help them save for their future. Our Cash Zone account helps children get into the habit of saving. Our annual Cash Zone competition adds fun to saving.

What would the estimated balance be after 12 months?

The balance after 12 months on an initial deposit of £1,000 with an interest rate of 0.8% gross/AER (variable) would be £1,008.00.

This estimation is an illustration only and assumes:

the account is opened on 1 January;

there are no additional deposits or withdrawals made;

interest is paid back into the account;

there is no change to the interest rate; and

interest is paid gross on 31 December.

How do I open and manage my account?

You must be aged 15 or under to open a Cash Zone account. Children aged 7 or above can open an account in their own name. When you turn 16, subject to requirements being met, we will automatically transfer your Cash Zone account to an alternative from our savings range. You will be notified of this in writing. Accounts can only be opened with a single child named as beneficiary.

The minimum deposit amount to open an account is £10. You can open your account by visiting any of our branches or by completing an application and posting it to our Tipton Head Office.

We will require identification to open a Cash Zone account. We have access to credit reference agency databases which in the majority of cases will allow us to prove identity and address without the need for paper-based identification, if we do require further proof we will let you know. However, we will not carry out these searches against customers aged under 18. Please click here to see our list of acceptable identification.

If you open a Cash Zone account in trust we will need to satisfy identification requirements for both the trustee and the beneficiary.

A minimum balance of £10 must be kept in the account. Withdrawals taking the balance below £10 are only allowed if you close the account.

Additional deposits by cash, cheque or standing order are allowed at any time. All cheque deposits must be made payable to either the child or the trustee named on the account. The maximum balance allowed is £25,000.

Can I withdraw money?

You are allowed to make six withdrawals each calendar year without charge or notice. After your sixth withdrawal, no more will be allowed until the next calendar year. This includes account closure.

Withdrawals are subject to our daily withdrawal limits which are:

£500 by cash; and

£20,000 by cheque.

Larger amounts can be withdrawn if you provide two days notice, subject to £2,500 maximum cash per day. The minimum amount for a cheque withdrawal is £10.

Additional information

Interest is paid gross (without tax deducted).

You have 14 days to change your mind, if you decide your Cash Zone account isn't right for you. We will then arrange to close the account and help you find a more suitable savings account with us or return the money to you.

Interest rates explained:

Gross means the contractual rate of interest payable.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

The Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 159601. You can check this on the Financial Services Register, by visiting the FCA's website www.fca.org.uk or by contacting the FCA on 0800 111 6768.

We may monitor and record phone calls to ensure we have carried out your instructions correctly, to help us improve our service, to enable us to resolve complaints and to help investigate or prevent fraud or other crimes. Any recordings we make are the property of Tipton & Coseley Building Society.